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SignUp Now!It's a combination of both.
For example, I use several realtors - each with a different specialty. You may use one realtor for selling or buying investment properties, one for selling properties targeted towards owner-occupiers, and one for specialty properties such as suited houses or multi-family.
The key is to ask questions not only to determine the person's qualifications, but also to determine if the person is a good fit for you. Specifically, people have varying communications styles, expectations, and values, and you need to be sure your team members and yours match. It can be frustrating or counter-productive to communicate with people of different styles, and it is no fun to deal with someone whose values are not in line with yours.
Start with an experienced (not rookie !!) realtor and property manager. Both have to specialize in the asset type and target area.
Then have a mortgage broker and lawyer, but that can come later, after you have an accepted offer. Then, after closing, have an accountant and tax accountant on your team, too.
Depending on your situation, you may want to consult with an accountant (expert in accounting for RE investing) before making any offers. If you are a regular Joe buying in your personal name, then not such a big deal. However, if you have other business interests or substantial income, you may want to incorporate from day 1. Only a thorough examination of your situation can answer that.
As for contracts, standard contracts through realtors are fine, but you must be sure to include all the terms and conditions you want. (Don't let a realtor convince you to skip terms or conditions to make the sale easier. That is asking for trouble.) REIN has some good info on this in the ACRE binder.
If you are doing creative purchases, such as with some vendor financing, then you may want to use specialized contracts. However, I would start with regular purchases and leave the creative stuff until after you have a few properties under your belt.
what if you don't have that much money to start